Please use our insurance glossary to clarify the meaning of any terminology used in the insurance industry. As a young driver or first time driver, the terminology used in insurance contracts can be confusing. We have created a glossary of terms of particular interest to younger motorists to help clarify any of the difficult insurance language you might come across.

Whilst this glossary has been put together by people with many years of insurance expertise, it should only be used as a guide. For the ABI glossary visit their website.

Use the letters below to shortcut to relevant areas on this glossary.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

N

New-For-Old

Cover for property where an item lost or destroyed would be replaced with a brand new one, with no deduction for wear and tear. Also called "replacement as new".

No Claim Discount (or Bonus)

A reduction in a renewal premium to reflect a claim-free record; used most often in motor insurance. Policyholders can typically build up to a 65% no claims bonus. Find more in our No Claims Bonus frequently asked questions.

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